Sales revenues for the year amounted to $202.7m (KWD60.83m), while rental earnings came to $25.3m (KWD7.60m).

The developer's assets at the end of the year were valued at $765.7m (KWD229.81m).

Commenting on the company's 2017 financial performance, and business expectations for 2018, Ibrahim Al Saqabi, group chief executive officer of Al Mazaya Holding, said he was optimistic for the months ahead.

He continued: "The year 2018 heralds a new era for the company to secure further phased growth that mitigates potential inflation-related risks in the future.

"[To] this end, the company, in 2017, initiated new accounting standards that optimise financial allocations and meet the change in currency value on the markets in which it's operating in order to maintain a robust budget.

"This policy has resulted in a decline in the company's profits amid intensive operational mobility and strong operating revenue from sales and leasing transactions."

Saqabi added that 2017 was "a challenging year", but reiterated that Al Mazaya was "able to meet the rapid changes that had their own bearing on various economic sectors, especially the real estate platform in the various markets in which we operate".